Gold Settled $19.30 Lower… ($1337.60)

Today's day session covered a very wild and choppy $37.70 trading range as traders nervously awaited news from the FOMC. These unchartered price levels have caused traders to trade very defensively and to take profits when available. Ss we have witnessed the recent price dips have been of avalanche proportion however, in my opinion they have also been way OVER-DONE due to the trading charts showing we are at technically overbought levels…

The over whelming support continues to be the strong demand for physical bullion. it will once again be interesting to see if the Asian sector steps up and buys physical gold at these lower levels.

FOMC MEETING….

On November 3, 2010, the Federal Open Market Committee (FOMC) decided to expand the Federal Reserve's holdings of securities in the System Open Market Account (SOMA) to promote a stronger pace of economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate……

The Fed plans to expand asset purchases by $600 billion by the end of June 2011….Which probably means the present benchmark interest rates will remain unchanged….

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